The Stock Room page 31 |
(Continued from page 30) “I’m mad as hell, and I’m not going to take it anymore!” _______________________________________ apppro’s take for 09/01/2011 @08:00 am EST: How to restore confidence and create jobs – NOT! What are they thinking in the White House? Has everyone lost their minds? Stopping this AT&T merger is insane on a whole host of reasons, but the main one is that all it does is further erode confidence in an already fragile economy. It unfortunately displays the fact that this administration just can’t let free-markets work… FREELY! I don’t have the patience to discuss all of the specifics, just know that worrying about a possible $1.75 increase in data fees nowhere compares with the loss of potential jobs and business confidence. AT&T, T-Mobile pledge to bring 5,000 jobs to America - Chicago Sun-Times Besides, the technology that AT&T is buying today will probably just be obsolete in the near future, anyway. You all remember the insane decade of Microsoft bashing and what Google eventually did (is doing) to them! All I am left with is the fact that come November 2012 we all need to vote for: _______________________________________ apppro’s take for 08/30/2011 @05:00 pm EST: August 30, 2011 Dear Friend:
Thank you for writing. I have heard from many Americans about financial reform and the unfair practices of financial institutions, and I appreciate your perspective. For too long, Wall Street firms were not held accountable, financial dealings were not transparent, consumers and shareholders were not given enough information and authority to make decisions, and Government did not have the appropriate tools to close down failing financial firms without bailing them out. That is why I went to Wall Street before this crisis hit and called for common-sense reforms to protect Americans and our economy, and why I am proud to have signed into law the most comprehensive package of financial reforms in decades, including the strongest consumer protections in our Nation's history. Wall Street reform brings greater security to hardworking people on Main Street—from families looking to buy their first home or send their kids to college; to small businesses, community banks, and credit unions who play by the rules; to shareholders and investors who want to see their companies grow and thrive. One of the central aspects of reform was the creation of the Consumer Financial Protection Bureau, which will empower all Americans with the clear and concise information they need to make the best financial decisions for themselves and their families. This bureau will crack down on abusive and deceptive practices, ensuring that Americans are not unwittingly caught by overdraft fees or unfair rate hikes, students who take out loans have clear information, and lenders do not cheat the system. It also gives Americans free access to their credit score if they are denied a loan or insurance, or given a higher interest rate, because of that score. To learn more about the Consumer Financial Protection Bureau and how it can help you, or to file a consumer complaint, please visit: www.ConsumerFinance.gov. These new consumer protections build upon the landmark Credit Card Accountability, Responsibility, and Disclosure Act (Credit CARD Act), which I signed during my first year in office. This law helps American families and businesses by requiring card issuers to give fair notice about payment due dates and changes in fees. It also bans most rate hikes within the first year of opening an account. To learn more about credit card reform, visit: www.FederalReserve.gov/ConsumerInfo. Because of these reforms, the American people will never again be asked to foot the bill for the excessive risk-taking of some on Wall Street. There will be no more taxpayer-funded bailouts. By laying the foundation for a stronger, safer financial system that is innovative and competitive, our Nation will reach a more secure and prosperous future. Thank you, again, for writing. To learn more about how financial reform affects you, please visit: www.FinancialStability.gov. For more information on consumer protections, credit management, and retirement planning, please visit www.MyMoney.gov or www.WhiteHouse.gov/Issues/Economy, or call 1-888-MYMONEY.
Sincerely, Barack Obama
And my response sent out today.
Dear Mr. President,
I just received a VERY long email/letter from you trying to rationalize FinReg and other recently employed regulations. I want to thank you very much for your views, but as I have written to you in the past I couldn’t disagree more. I think the last 5 weeks in OUR markets along with a 44% consumer confidence level says it all.
I too want financial regulation. I was very against many Bush era deregulations. However, what has happened will only NOT SOLVE the current issues, but will eventually make them worse. Sooner than later I think. The problem is not Wall St. or even the banks, but the short-term mentality that has infested almost ALL of our society. Until this is addressed and until we get back to stop assessing blame, nothing will get better.
Again thank you for the letter and when someone really wants to fix our society & economy & nation I am available. Unlike many out there, I agree with many of your objectives, just not how we are getting there.
Yours Truly,
Yeah I know… I’M NUTS! _______________________________________ apppro’s take for 08/26/2011 @11:00 am EST: “The Bernanke Punt!” While eating a massive hamburger at Jackson Hole , Bernanke said that the Fed was not going to do anything more, and it really was up to the government and the AMERICAN PEOPLE to get the economy moving. Bernanke: No QE3, but Don’t Bid QE2 Farewell Just Yet - CBS MoneyWatch.com
Well duh and thank you Ben! For me however, he should have called upon every one not just to punt, but to KICK THE HELL OUT OF ALL THOSE HFT TRADERS/TRAITORS and to stop all this short-term gambling. Come on Ben say it like it is, “IT’S THE MENTALITY STUPID!” STOP THE INSANITY NOW! _______________________________________ apppro’s take for 08/26/2011 @08:00 am EST: Suze says… Talk about total irresponsibility and stupidity! This morning Suze Orman (close your mouth Suze) comes on the Today Show and says that people should go out and buy ‘useless gold’ since we’ve had a pullback. She said that ‘useless gold’ was accepted everywhere and in times of fear everyone should have some ‘useless gold’ sitting in their dresser draw. What an idiot! · Firstly Suze, a pullback from an INSANE $1,900 to a REDICULOUS $1,775 is NOT a pullback. · Secondly Suze, you said that “…gold is accepted everywhere.” Exactly which of your local bodegas in your neighborhood makes change of Krugerrands, so I can buy a gallon of milk? It’s idiots like her that are causing this mess to be worse!
“Should have declared a war on gold!” _______________________________________ apppro’s take for 08/25/2011 @08:00 am EST: HFT - “Use it… NOT lose it!” Is High-Speed Computer Trading Killing Investing? - CNBC <<High speed computer trading by funds with holding periods of sometimes just milliseconds are to blame for rising volatility, the disappearance of diversification and the death of individual stock picking, and the problem is going to get worse, say an number of traders and market strategists. “From our perch, trading customer business day in and day out, we can certainly say that high frequency trading (HFT) has amplified market moves, both up and down,” said Sal Arnuk, co-head of equity trading at Themis Trading who advised the SEC after last year’s so-called flash crash. “High frequency trading does not analyze fundamental metrics of corporations. It analyzes data patterns.”>> We all know the old expression, “Use it or lose it!” but I think a far better solution for HFT is to “Use it… NOT lose it!” I totally agree and have been screaming for years that ‘High Frequency Trading’ (HFT) has been a major component to the past 4 years of total insanity. I also have been screaming that SkyNet’s abuse of ETF’s thru HFT has been a major force to ‘Flash Crashes’ and even to the 2009 fall to 6500. My Golden Rules has given everyone solutions and they still should be immediately implemented. Why we’ve waited this long is a real mystery/disaster/joke. However, I am now totally against banning HFT or as I have said in the past, “PULL THE DAMN PLUG NOW!” Why stop it? Now I think we should let these people go crazy, but just TAX THE CRAP out of it. They want to play… make them pay! Using my ‘STOP THE INSANITY NOW!’ plan not only will help cut down on HFT, it will also reduce all of the short-term trading & mentality that has infested & manipulated our markets and nation; all with the added benefit that we get these traders/traitors to help pay for the mess they are causing. STOP THE INSANITY NOW! Revised Tax Rules: 1. Capital gains 5+ years* - 5% tax on capital gains 2. Capital gains 2 > 5 years* - 15% tax on capital gain 3. Capital gains 1 > 2 years* - 35% tax on capital gains 4. Capital gains 6 > 12 months - 45% tax on capital gains 5. Capital gains under <6 months - 55% tax on capital gains 6. Most critical of all — Institute a capital gains tax of 65% on ALL short sales not directly tied to a long buy by a regulated hedge fund. *Anyone whose main source of ‘income’ (retired persons excluded) that comes directly from capital gains, should be taxed at never less than the 1>2 year 35% rate—no matter what the cg term length. The 5 Golden Rules 1. Immediately, reinstate the Up-Tick Rule. 2. Crack down on naked short selling. Require stock certificate #'s when a short sale needs to be covered, including ETF’s. a. Stop shorting of ALL ETF’s. This is just legalized naked shorting—makes no sense. 3. Institute some rules on how the media ’reports’ news in order to prevent rumor-boarding. Not censorship… just sensibility & responsibility. 4. Pass a Wind-Fall Capital Gains Tax of 65% on ALL short sales not directly tied to a long buy by a regulated hedge fund! 5. Have ALL ETF’s trade on a 20-minute delayed basis. Get these instruments of mass destruction back to what they were supposed to do: mimic mutual funds. NO pre or after market trading. _______________________________________ apppro’s take for 08/21/2011 @09:00 am EST: “None of the Above!” It just seems that the ultra-right keeps spouting restrictive monetary policies that will end up with more jobs lost… that no one really wants! It just seems that the ultra-left keeps spouting meaningless monetary policies that will end up with no jobs created… that no one really wants! It just seems like there are 2 sides of the media promoting ultra-radical forms of the above policies… that no one really wants to listen to! All in all, It just seems like 75% of us in the reasonable-middle are now being forced to endure a yearlong, hysteria media campaign for the next President of the United States… that no one really wants for sure! On this hot summer day, I again call on ALL AMERICANS to tell our leaders and media that we want: (Continued on page 32) |